AfDB Endorses Nigeria’s Economic Growth Efforts

BY COBHAM NSA, ABUJA – The African Development Bank (AfDB) has thrown its weight behind Nigeria’s efforts at economic recovery even as it debunked reports that loans to the country has been “called off”.

According to the Bank, it is highly encouraged by the economic recovery of Nigeria from recession and therefore salutes the Federal Government’s efforts at further diversification of the economy.

The Bank also stated that besides its strong support for government’s Economic and Growth Recovery Plan (EGRP), the efforts at stemming corruption; strengthening fiscal consolidation and efficiency are quite commendable given the harsh economic realities across.

In a statement signed by its Director, Communication and External Relations, Dr Victor Oladokun, the AfDB categorically refuted the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth, Amadou Hott.

The statement however assured the Federal Government of AfDB’s unwavering support for its continued reforms towards diversifying the economy and boosting Nigeria’s economic growth and development

The full statement by AfDB read thus:

“The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth, Amadou Hott.

“The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s efforts towards diversification of the economy.

“The Bank also strongly supports the Economic and Growth Recovery Plan of the Government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.

“In November 2016, the Board of the African Development Bank approved a $600-million loan to support Nigeria’s efforts to cope with macroeconomic and fiscal shocks that arose from the massive decline in price of crude oil.

“An additional $400 million in support could be considered, if requested and approved by the Board, as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund.

“The African Development Bank is in consultations with the Government on how best to continue its support for its laudable Economic and Growth Recovery Plan through investment projects that will help address existing structural challenges, including infrastructure, power, agriculture and support to boost private sector and job creation.

“The Bank assures the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development.”

Contact: Dr Victor Oladokun, Director, Communication and External Relations